Wall Street: Stocks and gold up ahead of Fed meeting
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Gold: Trading now at $1,743 an ounce, up 1.8% from Tuesday. Dow Jones industrial average: Trading now at 11,866.39, up 1.8% from Tuesday.
Fears subside. Stocks are rising as investors anticipate the results of the latest Federal Reserve meeting Wednesday afternoon and fear about the Greek bailout plan subsides.
More layoffs. Japanese and Swiss banks are the latest financial firms to announce layoffs and cutbacks.
Bair on banks. The former head of the FDIC, Sheila Bair, wrote a piece Wednesday blaming European banks and their regulators for the unending European financial crisis.
Not MF Global. Since MF Global declared bankruptcy on Monday a Wall Street firm with a similar profile, Jefferies, is going to pains to argue how different it is.
Bad timing. As MF Global comes under investigation for mishandling customer funds, they are being mocked for advertisements they placed in recent magazines boasting about their ‘convictions.’
-- Nathaniel Popper